The Land Registry has revealed that house prices in England and Wales had fallen year on year in February, although pointed out that in the East of England and London they had risen.
In a sign that the market recovery may well be led by the capital and it’s immediate surrounding areas, the average home in the country fell 1.7% in value, to £162,215.
London prices were up 3.2%, nearly 5% above average, and the East of England saw a 1% increase.
Overall February prices were down 0.8% on January, but with clear regional variations.
The Registry’s guides also break down house types, and showed that detached homes had fallen by 0.3%, semi detached by 1.6% and terraced houses fell by 2.7%, with flats dropping an average 2.2% over the period.
The North East suffered the most, with a 7.1% drop in house prices, and also saw 4% wiped off their home values in just a month.
Scotland fared no better with a 3.2% decrease and Northern Ireland suffered a massive 14.1% drop in their home values.